The length of the process depends on the product requested and the client's situation. After you get in touch with us, your application will be processed within 24 hours. Generally speaking, we always try to handle every case from start to finish within two weeks.
Appraisals are necessary to protect the home owner's interest. Lenders want to make sure the loan is at an appropriate loan to value ratio (so you don't take on too much debt). And you want to make sure that your home is not being under valued, and that you get the best deal possible.
Your home equity is the difference between how much is owing on your home and the actual home value. If your mortgage balance is $200,000, and your appraised home value is $350,000, you have $150,000 in equity.
Your home equity increases as you pay off your mortgage or as your property grows in value. When your mortgage and all other debts against the property are paid in full, you have 100% equity in your property.
2nd mortgages are not reported to your credit bureau. Many of our clients use their second mortgages to pay off their existing debt at a lower rate, thus saving money while improving their credit rating.
We take into account your story and have many different ways to structure a deal so that it best suits your needs. Every situation is assessed on its own merits. We advise all of our clients to discuss this over the phone or in person so we can better answer your questions.